Walmart Inc (NYSE: WMT) is looking to improve its alcohol selection by offering hyperlocal craft beers, high-end wines and top-shelf spirits.
Walmart's Liquor Aisle
Walmart's "core offerings" of alcohol today include everyday brands like Bud Light, Miller Light and Coors Light, Jason Fremstad, vice president of adult beverages for Walmart's U.S. stores, told Business Insider — but the company recognizes consumers are demanding more premium alcohol options.
Walmart has so far taken part in "well over" 100 meetings with local and national players in the craft beer space, the publication reported.
The retailer is also focused on capturing growth in premium tequila, which is "growing incredibly fast." Other alcohol categories Walmart will focus on includes hard seltzer which benefited from "phenomenal" growth.
What It Means For Walmart
The world's largest retailer is looking to address growing demand despite entering a category it is "really not known for at this point," Fremstad told Business Insider.
Walmart is hoping to change this perception and has already taken bold steps, including buying a single barrel of Buffalo Trace bourbon and selling out all of the bottles in just six days.
Walmart started tweaking its alcohol assortment last spring and will continue making changes through 2020 and next year.
Fremstad told Business Insider the company will be closely following the alcohol segment and closely evaluate which trends are short-lived and will focus instead on those with staying power.
Walmart Price Action
The stock was down 0.64% at $117.11 at the time of publication.
Is Cannabis The Liquor Industry's Worst Nightmare?
See more from Benzinga
- Strategist Says FedEx Was Right To Part Ways With Amazon
- 'Tis The Season — To Return Unwanted Gifts
- What Is The Whisk App And Why Are Food Retailers Partnering With It?
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.